In swift action after dissolving the boards of Union, Keystone, and Polaris Banks, the Central Bank of Nigeria (CBN) has appointed new executive directors to assume leadership roles at these financial institutions. The appointments, effective immediately, come in response to a range of infractions, including regulatory non-compliance, corporate governance failures, and perceived threats to financial stability.
A statement released on Thursday morning and signed by the acting Director of Corporate Communications, Sidi Hakama, announced the key appointments for each bank:
CEO: Yetunde Oni, the first female CEO of Standard Chartered Bank in Sierra Leone.
Executive Director: Mannir Ubali Ringim.
CEO: Hassan Imam.
Executive Director: Chioma A. Mang.
CEO: Lawal Mudathir Omokayode Akintola.
Executive Director: Chris Onyeka Ofikulu.
The decision to dissolve the boards on Wednesday night was motivated by various infractions such as regulatory non-compliance, corporate governance lapses, and activities deemed threatening to financial stability. The CBN, utilizing its regulatory powers, aimed to enforce adherence to the provisions of the Financial Institutions Act, 2020.
This move aligns with the commitment of the CBN to uphold financial stability, regulatory compliance, and good governance within the banking sector. The decision followed the recommendations of Special Investigator Jim Obazee, appointed by President Bola Tinubu in July 2023, to probe the activities of the CBN and other relevant establishments.
The newly appointed executives are expected to leverage their extensive experience to guide the affected banks towards compliance with regulatory standards. Their leadership will play a crucial role in fostering a robust financial environment in accordance with established laws and regulations.